Sooo I was in a bad spot financially and had to get a loan and haven’t paid on it bc I haven’t been able too… I know I’m stupid… they have sued me and I am freaking out and would like to know what to expect
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It’s a possibility that they could garnish your wages until it’s paid off. Meaning they take so much out of each check.
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I’m pretty sure they’ll take you to collections and you take a hit to your credit score.
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they will definitely take it from your pays!
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Loans are typically civil lawsuits. If in-settled, they take you to court, it goes to collections and negatively impacts your credit score. Depending on the amount of the loan and the debtor, they may request a wage garnishment.
I suggest contacting them and setting up some kind of payment plan. If it’s gone to collections, the collection agency will sometimes offer a settlement, where you pay a portion of the debt and they consider the case closed.
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It’ll go to collections and be reflected on your credit score for 7 years. If you have tax returns they may be garnished out of it and if necessary taken from future paychecks as well but don’t let this scare you because there’s also the possibility that it’ll just sit in collections and roll off if it’s just a little amount
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They’ll get a judgement on you and you will have to pay it
Yeah I would try to ask them about getting payment plan… because when they garnish your wages they won’t care if u have money left or not…
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If you work your wages will be garnished
They actually garnish tax returns; which they can control. Expectil no tax returns until your payback is met.
Work with them and sit up a payment plan. Fo it asap and might not have to go to court. As long as you pay what you agree to you should be ok. Just call them.
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serves you right you ain’t getting another one anytime soon if ever
Get a lawyer that deals with debt collection. They will work with the company on your behalf to negotiate a payment plan and possibly eliminate some of what you owe. Be honest with them on what you can pay/afford and you’ll find that they are actually pretty easy to work with.
Some will write it off but u will take a huge hit to your credit or they will garnish ur wages. If you put something up for collateral then they will come take it if needed